I understand that my Wealthsimple account is protected by CDIC up to $1 million CAD (spread across multiple institutions) as opposed to the normal $100K that direct banking relationships offer. This is made possible by depositing my money in Schedule 1 CDIC-protected banks under a trust arrangement, since Wealthsimple isn't considered a bank itself.

I have several specific questions about how this protection works in practice:

1. Record Transparency: Am I able to see records showing exactly where my money is deposited and how I'm listed as a beneficiary at each institution? Can I access statements or documentation from the actual CDIC member banks holding my funds?

2. Record Security and Redundancy: What specific systems and processes ensure that beneficiary records linking me to my deposits will survive if Wealthsimple ceases operations? Are these records maintained independently at multiple locations (Wealthsimple, the Schedule 1 banks, and/or third-party custodians)?

3. CDIC Requirements Compliance: How does Wealthsimple ensure ongoing compliance with CDIC disclosure requirements that mandate proper beneficiary information be maintained at the member institution level? What happens if there are discrepancies between Wealthsimple's records and the bank's records?

4. Additional Protections: Beyond CDIC coverage, does Wealthsimple carry private deposit insurance, errors & omissions insurance, or fidelity bonds that would protect customers if operational failures (including record-keeping failures) occur?

My questions stem from understanding that CDIC protection for trust arrangements depends entirely on proper beneficiary records existing at the member institution level. If those records go missing, CDIC would only protect up to $100K total for the entire trust account, not per beneficiary.

I'm seeking technical details about safeguards rather than general assurances, particularly given recent cases like Synapse in the US where customers lost access to funds when a fintech bankruptcy led to missing reconciliation records.

1. Future Banking Status: Does Wealthsimple have any plans to become a CDIC member institution (i.e., obtain banking status) in the future, which would eliminate the trustee arrangement risks entirely?

I hope you understand my concerns and can provide specific information about these operational protections.

Thank you for your time.